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China’s Wealthy Are Leaving

The wealthy, with assets thought to be as much as $48 billion are looking for an exit route for themselves, their families and their wealth from the worlds most populous nation. Reasons for the exodus all seem to point to one fundamental rationale, government policy. With a government that is no longer pro-capitalism, combined with draconian lockdown measures and a pervasive social credit system that is often being abused by authorities, the environment for economic growth has been halted and even retrograded to the point where progress for entrepreneurs and the business class has become impossible.

The long term impact on China’s economy from having so much money leaving the country will be severe, this coupled with local banks collapsing and the housing market stalling means that the economy is heading in one direction only, down.
There is chronic censorship in China, so here in the West, an accurate picture of what is happening in that region of the planet is difficult to obtain. Information does get through though and from all accounts, harsh regulations in all aspects of life mean that the wealthy are beginning to feel intimidated to the point where they are beginning to leave.

As expected, the Chinese Government is strengthening rules about money flowing out of the country, even changing the ability to freely use crypto currencies. It has been suggested that an internal war is brewing between the ultra rich in China and the Communist Party.

With so many people being effected by difficult government policies, there is a real possibility of a repeat of previous attempts at hardline communism in China, with many millions of people dying not only from experimental covid drugs but also starvation.

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